Many gold retailers slash making charges as Dubai's 3-day mega sale opens
Gold has dropped to $1940, and jewellers sweeten deals with extra discounts on make costs
Dubai: It’s the season of discounts and promotions – and UAE’s gold and jewellery retailers are joining in.
Market sources confirm that multiple jewellers have dropped their making charges, even by 50 per cent to convince shoppers that the current price levels are comfortable on their wallets and credit cards.
Some jewellers are going the extra mile on their promotions – discounts on making charges plus another on some of their collections (mostly diamond). (Of course, for short periods only.)
These offers come as malls and retailers in Dubai open up for one of the year’s biggest promotional cycles, with up to 90 per cent being offered across categories. Retailers say fashion and accessories will be the early – and clear – winner over the 3-day mega-sale.
Jewellers believe that with their own discounts, they too can catch the eye of shoppers converging at retail points in and across the city.
“Discounts matter for shoppers even when they are buying a Dh10,000-Dh30,000 piece of fine jewellery,” said a jeweller. “If by discounting making charges, shoppers believe they are getting a good deal on just the gold aspect, they will spend more. That’s what we hope they do this time.”
They are getting a slice of fortune as well – gold prices have dropped below $1,950 and slipping to $1,940 an ounce. In terms of the UAE gold rate, that’s Dh218.50 a gram for 22K. All this after gold had stuck to plus $2,000 levels for the better part of this month.
In the last three years, any sudden rise in demand for gold among UAE shoppers had come when prices were around $1,900 or under. (In UAE gold terms, anything less than Dh200 a gram has been rated favourable by shoppers.)